Photo courtesy of Lord & Taylor
The biggest news to surface in the turbulent waters of the WeWork saga may be the multibillion-dollar bailout and takeover by Japanese company SoftBank following a failed IPO and a company valuation that skidded from a reported $48 billion to $8 billion in a matter of months. And as part of a scramble for cash, the office space sublease and coworking disruptor has been expected to divest of the Lord & Taylor building at 424 Fifth Avenue; WeWork purchased the high-profile property–the former home of the department store’s flagship location–with partners Rhone Capital and Hudson’s Bay for $850 million earlier this year. But, as Crain’s reports, the company may be trying to lease the 660,000-square-foot property to high-paying office tenants as a way to raise the needed funds.
Will the building be back on the market soon?
, Fri, September 20, 2019
Image via Flickr
The United Nations General Assembly already began on Sept. 17 but Midtown has yet to experience the traffic nightmare that will hit the neighborhood next week. With meetings taking place through Sept. 30, the city has designated weekdays between Sept. 23 and Sept. 30 as gridlock alert days. On top of UNGA, Climate Week events will add to the congestion. “Drivers should leave their cars at home next week if they can—and try walking, taking mass transit, or getting on a bicycle,” Polly Trottenberg, commissioner of the Department of Transportation, said in a statement. Here’s a handy guide to getting around the city during the busy week ahead, including street closures and traffic updates for those of you with nerves of steel.
, Tue, September 17, 2019
Photo of One Vanderbilt © 6sqft
The Grand Central Terminal-adjacent supertall One Vanderbilt officially topped out this week, reaching its full 1,401-foot height. Designed by Kohn Pedersen Fox, the tower is now Midtown’s tallest office building and the fourth-tallest skyscraper in New York City. One Vanderbilt, developed by SL Green, measures 1.7 million square feet and boasts a unique terra cotta facade as well as the fourth-highest observation deck in the city.
Another supertall makes its mark
Photo credit: Jonathan Blanc / NYPL.
The iconic lions standing guard outside the The New York Public Library’s 42nd Street location are getting some much-needed grooming this fall. The majestic pair–named Patience and Fortitude–have been in place since 1911 as international symbols for access to knowledge and information. As part of a conservation effort that happens every 7 to 10 years, the stone sentries will receive repairs to cracks and chips and laser cleanings.
A bit of history, this way
Image © Marc Yankus
Last Thursday, MTA Arts and Design announced a new installation going up in Grand Central Terminal. “Landmark City” showcases photographs of iconic landmark buildings that have been altered to appear on completely empty streets. The installation, by acclaimed photographer Marc Yankus, is set to run for a year in GCT’s East Dining Concourse.
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Images courtesy of Flickr, Wikimedia Commons, and Pexels
Independence Day may have been last week, but if you haven’t had your fill of red, white, and blue festivities, Bastille Day is this Sunday. Whether you’re a history aficionado or just appreciate French culture and cuisine, there is plenty to do this weekend to celebrate the 230th storming of the Bastille.
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Photo by James and Karla Murray exclusively for 6sqft.
The redeveloped Waldorf Astoria residences have a new teaser website, and according to an announcement by the historic hotel’s owner, Beijing-based Anbang Insurance Group Co., the new condos will be called The Towers of the Waldorf Astoria. The Wall Street Journal reports that sales of 375 private residences at the storied hotel will begin in the fall.
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Photo via Wikimedia
Less than a year after moving out of the historic Seagram Building and reopening a new space, the famed Four Seasons Restaurant will close Tuesday, the New York Times reported. The news comes after the restaurant reopened last year on East 52nd Street with a $40 million renovation. And last December, former managing partner Julian Niccolini resigned after pleading guilty to sexual assault in 2016.
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The New York City Council on Wednesday approved the first supertall to be constructed under the Midtown East rezoning. JPMorgan Chase will build a new 70-story headquarters at the site of its current offices at 270 Park Avenue. The rezoning, adopted by the city in 2017, affects more than 70 blocks around Grand Central Terminal and encourages the construction of taller, more modern office towers in the neighborhood. Designed by Norman Foster’s Foster + Partners, the 1,400-foot building is set to become one of the tallest structures in the city and the tallest office building by roof height. More here
Via Vornado Realty Trust and Rudin Management Company
A tentative joint venture between two developers could bring another supertall to Midtown East. Vornado Realty Trust and Rudin Management Company may team up to develop a 1,450-foot office tower at 350 Park Avenue, the Real Deal reported Friday. A leaked brochure for the potential project includes renderings of the proposed tower, revealing a glassy building with a series of setbacks that would allow for outdoor terraces and floorplates of various sizes.
See it here